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On track to deliver mid-teens ROCE in 2020

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RNS Number : 1048H
Aggreko PLC
30 July 2019
 

 

     

INTERIM RESULTS FOR THE SIX MONTHS

ENDED 30 JUNE 2019

30 JULY 2019

 

Good start to the year; on track to deliver mid-teens ROCE in 2020

 

Chris Weston, Chief Executive Officer, commented:

 

"We have had a good start to the year and are on track to deliver full-year earnings in line with market expectations. Focus on delivery in our key sectors, combined with operational and cost efficiencies and the benefit from our investments in systems, has delivered improved profitability. We continue to innovate to meet our customers' evolving needs through the energy transition, and during the period we launched the Y.Cube, our new modular and mobile energy storage system. Progress on receivables has also been encouraging, particularly in Africa, and this all underpins our confidence in achieving our mid-teens ROCE target in 2020."

 

Results summary

 

£m

 

1H19

 

1H18

 

CHANGE

UNDERLYING CHANGE1

Group revenue

768

857

(10)% 

(4)%

Operating profit

 81

76

6%

12%

Operating profit margin (%)

10.5

8.9

1.6pp

1.5pp

Profit before tax

60

59

2%

9%

Diluted EPS(p)

15.33

15.85

(3)%

4%

Operating cash inflow

210

160

 

 

Dividend per share (p)

9.38

9.38

 

 

ROCE (%)

10.2

10.5

(0.3)pp

0.6pp

1Underlying excludes pass-through fuel and currency.  A reconciliation between reported and underlying performance is detailed on page 10.

 

·      Underlying1 Group revenue down 4%

Rental Solutions underlying1 revenue up 1%

Power Solutions Industrial underlying1 revenue down 9%, up 4% excluding the Winter Olympics

Power Solutions Utility underlying1 revenue down 7%

·      Profit before tax of £60 million, up 9% on an underlying1 basis

·      Operating cash inflow of £210 million, an increase of £50 million, partly driven by a £31 million lower working capital outflow

·      ROCE of 10.2% (2018: 10.5%) shows an improvement of 0.6 percentage points on an underlying1 basis

·      Interim dividend maintained at 9.38p per share

·      Mobilised our first Y.Cubes as hybrid pipeline continues to build

·      On track to deliver full year earnings in line with market expectations and mid-teens ROCE in 2020

 

 

 

RESULTS FOR THE SIX MONTHS TO 30 JUNE 2019

 

GROUP TRADING PERFORMANCE

 

£m

 

 

 

 

 

1H19

1H18

 

Change

UNDERLYING CHANGE1  

Group revenue

768

857

(10)% 

(4)%

Operating profit

 81

76

6%

12%

Operating profit margin (%)

10.5

8.9

1.6pp

1.5pp

Profit before tax

60

59

2%

9%

Diluted EPS(p)

15.33

15.85

(3)%

4%

Operating cash inflow

210

160

 

 

Dividend per share (p)

9.38

9.38

 

 

ROCE (%)

10.2

10.5

(0.3)pp

0.6pp

 

Underlying1 Group revenue decreased 4%.  Excluding the benefit from the Winter Olympics in 2018, underlying1 Group revenue was in-line with the prior year, reflecting a small increase in Rental Solutions and solid growth in Power Solutions Industrial, offset by a decline in Power Solutions Utility. Underlying1 profit before tax was up 9% at £60 million. The operating margin was 10.5% (2018: 8.9%) with growth in all three business units. Diluted earnings per share (DEPS) were 15.33 pence (2018: 15.85 pence), up 4% on an underlying basis.

 

The Group's return on capital employed (ROCE) decreased to 10.2% (2018: 10.5%) due to the impact of currency.  On an underlying1 basis ROCE rose 0.6 percentage points.

 

Reported financial measures

 

Reported revenue and operating profit include the translational impact of currency as Aggreko's revenue and profit are earned in a number of different currencies (most notably the US Dollar), which are then translated and reported in Sterling.  The movement in exchange rates in the period increased revenue by £3 million and decreased operating profit by £4 million.

 

In addition, the Group separately reports fuel revenue from a few contracts in the Power Solutions Utility business where we manage fuel on a pass-through basis on behalf of our customers. The reason for the separate reporting is that fuel revenue on these contracts is entirely dependent on fuel prices and the volumes of fuel consumed, which can be volatile and may distort the view of the performance of the underlying business.  Fuel revenue from these contracts was £20 million (2018: £89 million), with the year on year decrease due to lower fuel consumption.

 

Reported Group revenue was down 10% on prior year, with Rental Solutions up 4%, Power Solutions Industrial down 9% and Power Solutions Utility down 33%. 

 

Outlook

 

Our full year earnings outlook is in line with market expectations and we remain on track to deliver mid-teens ROCE in 2020.

 

 

DIVISIONAL HEADLINES

 

REVENUE £m

 

 

1H19

1H18

 CHANGE

 UNDERLYING CHANGE1

Rental Solutions

400

386

4%

1%

Power Solutions

 

 

 

 

    Industrial

198

219

(9)%

(9)%

    Utility excl. pass-through fuel

150

163

(8)%

(7)%

    Pass-through fuel

20

89

(78)%

(77)%

Group

768

857

(10)%

(4)%

 

OPERATING PROFIT £m

 

1H19

1H18

 

CHANGE

UNDERLYING CHANGE1

Rental Solutions

47

40

17%

12%

Power Solutions

 

 

 

 

  Industrial

21

23

(8)%

(4)%

  Utility excl. pass-through fuel             

13

14

(2)%

52%

  Pass-through fuel

-

(1)

100%

100%

Group

81

76

6%

12%

 

Rental Solutions underlying1 revenue was up 1%, mainly driven by North America where revenue was up 7% with strong growth in oil & gas. The operating margin rose 1.1 percentage points to 11.8%, reflecting both higher rates and the benefit of our work in support of the power shortages in Belgium.

 

Power Solutions Industrial underlying1 revenue decreased 9%. Excluding the benefit of the South Korea Winter Olympics in the prior year revenue increased 4%, with good growth in Latin America, Africa and the Middle East, partially offset by a slowdown in Eurasia and Asia. The operating margin was 10.5%, up 0.6 percentage points.

 

Power Solutions Utility underlying1 revenue was down 7% primarily due to 2018 off hires in Mozambique and Japan. The operating margin (excluding pass-through fuel) was up 3.5 percentage points on an underlying basis, to 8.9%.

 

Cash flow and balance sheet

 

During the first six months, we generated an operating cash inflow of £210 million (2018: £160 million).  The increase in operating cash flow is mainly driven by a year on year increase in EBITDA of £23 million and a reduction in working capital outflows of £31 million, partially offset by a higher cash outflow of £9 million relating to mobilisation (fulfilment assets) and demobilisation activities.  

 

The working capital outflow in the period of £16 million (2018: £47 million) comprises a £34 million inflow from trade and other receivables, a £48 million outflow from trade and other payables and a £2 million outflow from inventory.

 

The decrease in trade and other receivables is analysed by division as a £42 million decrease in Power Solutions Utility and a £8 million increase in Power Solutions Industrial. Rental Solutions was flat year on year, comprising a decrease in accrued income offset by an increase in trade debtors as the business targeted a reduction in the level of unbilled revenue that had built up through the end of 2018. The decrease in Power Solutions Utility was driven by strong collections in the period, while the increase in Power Solutions Industrial reflects activity levels in the period.

The movement in the fulfilment asset and demobilisation provisions mainly relates to mobilisation costs on our 15-year PIE A contract in Brazil, our latest HFO contract in Burkina Faso and the Tokyo 2020 Olympics.

 

The decrease in trade and other payables balances since the year end is primarily driven by lower fuel consumption in our contracts in Brazil.

 

Fleet capital expenditure was £83 million (2018: £87 million). Within this, £29 million was invested in our Rental Solutions business, primarily in relation to temperature control and oil free air (OFA) products, and £54 million in Power Solutions, which included investment related to our contracts for the Tokyo 2020 Olympics and our ongoing fleet refurbishment programme.

 

Net debt at 30 June 2019 was £784 million. This was £43 million higher than the prior year with the increase driven by the recognition within net debt of a £102 million lease creditor following the Group's adoption of IFRS 16 'Leases' from 1 January 2019, absent which net debt would have reduced £59 million year on year. A detailed cash flow is included on page 16 of the financial statements.

 

This resulted in net debt to EBITDA on a rolling 12-month basis of 1.5 times compared to 1.4 times2 at 30 June 2018. The increase on prior year is driven by the impact of IFRS 16 'Leases' which increased net debt to EBITDA by 0.2 times.

 

Dividends

 

The Group is proposing to maintain the interim dividend at 9.38 pence per share (2018: 9.38 per share), which equates to dividend cover of 1.6 times (2018: 1.7 times). Dividend cover is calculated as basic earnings per share for the period divided by the dividend per share.

 

2Not restated for IFRS 16 ‘Leases’

ADDITIONAL PERFORMANCE METRICS

 

 

 

 

 

 

 

1H19

1H18

CHANGE

AVERAGE MEGAWATTS ON HIRE (MW)

     Rental Solutions average megawatts on hire

    6,407

1,425

   6,560

1,504

(2)%

(5)%

     Power Solutions Industrial average megawatts on hire

2,509

  2,376

6%

     Power Solutions Utility average megawatts on hire

    2,473

  2,680

(8)%

 

 

 

 

TOTAL POWER SOLUTIONS ORDER INTAKE (MW)

458

366

25%

Power Solutions Industrial (ex. Eurasia)

        86

  133

(35)%

Power Solutions Industrial (Eurasia only)

Power Solutions Utility

       127

245

 131

102

(3)%

140%

 

UTILISATION

 

 

 

Rental Solutions

Power Solutions Industrial

Power Solutions Utility

56%

68%

66%

61%

70%

65%

(5.0)pp

(2.0)pp

1.0pp

 

FINANCIAL

 

 

 

Effective tax rate

35%

31%

4.0pp

Fleet capex (£m)

83

87

(5)%

Fleet depreciation (£m)

138

134

3%

Average net operating assets (£m)

    2,192

2,089

5%

Net debt (£m)

(784)*

    (741)

(6)%

* Includes £102 million of a lease creditor on adoption of IFRS 16 'Leases' from 1 January 2019.

 

Investors, analysts and financial media enquiries

 

Louise Bryant, Aggreko plc

 

+44 7813 210 809

Richard Foster, Aggreko plc

+44 7989 718 478

Analyst presentation

 

A presentation will be held for analysts and investors today at 09:00am (BST) at the London Stock Exchange, 10 Paternoster Square, EC4M 7LS. A live web-cast and a copy of the slides will be available on our website at www.plc.aggreko.com/investors. The presentation will also feature a live telephone coverage, please see call details below:

 

Participant dial-in numbers

United Kingdom (Local): 020 3936 2999

All other locations: +44 20 3936 2999

Participant Access Code: 830208

 

Financial calendar

5 September

Ex-dividend date - interim dividend

6 September

Record date to be eligible for the interim dividend

1 October

Interim dividend payment for the year to 31 December 2019

     

 

 

BUSINESS UNIT PERFORMANCE REVIEW

 

RENTAL SOLUTIONS

 

REVENUE £m

 

 

1H19

1H18

 

CHANGE

UNDERLYING CHANGE1

 

 

 

 

 

 

400

386

4%

1%

 

OPERATING PROFIT £m

 

1H19

1H18

 

CHANGE

UNDERLYING CHANGE1

 

47

40

17%

12%

Operating

Margin %

11.8%

10.5%

1.3pp

1.1pp

 

 

 

 

 

ROCE

14.3%

15.6%

(1.3)pp

(1.2)pp

 

·      Underlying1 revenue and operating profit, up 1% and 12% respectively

·      Strong performance in key sectors, notably oil & gas and petrochemicals & refining

·      Improved operating margin of 11.8%, up 1.1 percentage points on an underlying1 basis

·      ROCE of 14.3% reflects an underlying1 decrease of 1.2 percentage points, primarily driven by the impact of the transition to IFRS 16

       

North American underlying1 revenue was up 7% on the prior year (up 16% excluding hurricane revenue in 2018). Our sector focus has continued to drive growth and we saw good performance in most of our key sectors, particularly in oil & gas, petrochemical & refining and events. This top-line growth enabled us to leverage our fixed cost base more effectively, leading to an improved operating margin.

 

In our Australia Pacific business, underlying1 revenue decreased 14% as good growth in the mining sector was offset by a 100MW emergency contract in the prior year numbers. Despite this revenue reduction, our focus on cost efficiencies helped to drive an improvement in operating margin.

 

Our Continental European business grew underlying1 revenue 12%, aided by revenue earned from work in response to power shortages in Belgium and the FIFA Women's World Cup in France.

 

Underlying1 revenue in Northern European was down 9%, as Next Generation Gas contracts in Ireland began to off-hire as planned, together with a slowdown in wider market activity related to Brexit. Notwithstanding the revenue reduction, ongoing cost discipline helped drive a first half improvement in operating margin.

 

Operating margin on an underlying1 basis was up 1.1 percentage points, reflecting higher rates in key sectors within NAM and our emergency work to support the power shortages in Belgium; this was despite lower fleet utilisation as the prior year hurricane work off-hired. We are also beginning to see benefits arising from the systems implementation, enabling us to focus on more profitable work and improve cost recoveries.

 

 

 

 

 

OPERATIONAL SUMMARY

 

 

 

 

1H19

1H18

CHANGE

 

 

 

 

Rental Solutions average MW on hire

1,425

  1,504

(5)%

Rental Solutions utilisation

56%

61%

(5.0)pp

 

 

POWER SOLUTIONS

 

REVENUE £M

 

 

1H19

1H18

 CHANGE

UNDERLYING CHANGE1

 

 

 

 

 

Industrial

198

219

(9)%

(9)%

Utility excl. pass-through fuel

150

163

(8)%

(7)%

Pass-through fuel

20

89

(78)%

(77)%

 

 

OPERATING PROFIT £M

 

 

 

 

1H19

1H18

 

CHANGE

UNDERLYING CHANGE1

 

 

 

 

 

Industrial

21

23

(8)%

(4)%

Utility excl. pass-through fuel

13

14

(2)%

52%

Pass-through fuel

-

(1)

100%

100%

 

 

 

 

 

OPERATING MARGIN %

 

 

 

 

Industrial

10.5%

10.5%

-

0.6pp

Utility excl. pass-through fuel

8.9%

8.3%

0.6pp

3.5pp

 

 

 

 

 

ROCE

 

 

 

 

Industrial

10.6%

9.7%

0.9pp

1.6pp

Utility excl. pass-through fuel

6.0%

6.7%

(0.7)pp

0.9pp

 

·      Power Solutions Industrial

−    Underlying1 revenue decreased 9%; up 4% excluding the 2018 Winter Olympics

−    Underlying1 profit decreased 4%

−    Operating margin at 10.5% was up 0.6 percentage points on an underlying1 basis

−    ROCE of 10.6% is up 1.6 percentage points on an underlying1 basis

·      Power Solutions Utility

−    Underlying1 revenue was down 7% due primarily to 2018 off hires in Mozambique and Japan

−    Underlying1 operating profit was up 52% as a result of improved operational performance

−    ROCE up 0.9 percentage points to 6.0% on an underlying1 basis

 

Power Solutions Industrial

 

Power Solutions Industrial underlying1 revenue decreased 9%.  Revenue excluding the 2018 Winter Olympics was up 4% on the prior year.  Revenue in Latin America increased 16%, primarily driven by industrial projects, most notably in the oil and gas sector in Ecuador.  In the Middle East revenue increased 6% with good growth in Oman, partially offset by reduced revenue in Kuwait.  Revenue in Africa increased 29%, driven by Nigeria and industrial projects in the Democratic Republic of Congo (DRC).  In Eurasia revenue decreased 10%, with the slower order intake seen in the second half of 2018, and pressure on rates from increased competition, continuing. Revenue in Asia decreased 21% mainly driven by South Korea (excluding 2018 Winter Olympics) due to a reduction in work related to mining, and oil and gas.

 

Operating margin on an underlying1 basis was up 0.6 percentage points on the prior year at 10.5%, supported by a good performance in both Africa and Latin America in leveraging their respective cost bases. 

 

Power Solutions Industrial order intake was 213 MW (2018: 264 MW) including 127 MW in Eurasia (2018: 131 MW) with the prior year intake reflecting a large industrial project in the DRC. 

 

Power Solutions Utility 

 

Power Solutions Utility saw underlying1 revenue decrease 7% due primarily to 2018 off hires in Mozambique and Japan. The operating margin (excluding pass-through fuel) was up 0.6 percentage points to 8.9%, and on an underlying1 basis the operating margin was up 3.5 percentage points due to the early benefit of our cost reduction programme.

 

Average megawatts on hire in this business was 2,473 (2018: 2,680), with the year on year reduction reflecting higher off-hires than on-hires over the last 12 months, as projects off-hired in Myanmar, Indonesia and Argentina. The off-hire rate in the first half was 15% (2018: 27%) and we expect the full year off-hire rate to be around 35% (2018: 42%). Order intake year to date for Utility sector projects is 245 MW (2018: 102 MW), including 60MW in Gabon and 60MW in Senegal. 

 

Managing the trade receivables in our Power Solutions Utility business continues to be a major focus, with active ongoing engagement with our customers a key priority.  Encouragingly our Power Solutions Utility cash collections in the first six months were $295 million compared with amounts invoiced of $244 million. 

However, as noted on page 103 in the Group's 2018 Annual Report and Accounts with respect to the prior year, we continue to experience delays in receiving payments in parts of Africa, Venezuela and Yemen due to our customers' liquidity positions and their limited access to foreign currency.  While the overall Power Solutions Utility bad debt provision of $84 million at 30 June 2019 was broadly in line with 31 December 2018 ($83 million), reflecting the differing circumstances by customer, within this amount we have increased by $3 million the bad debt provision against specific contracts in Yemen.

 

Operational summary

 

 

 

 

 

OPERATIONAL SUMMARY

 

 

 

 

1H19

1H18

CHANGE

 

 

 

 

Power Solutions Industrial average MW on hire

Power Solutions Utility average MW on hire

    2,509

2,473

  2,376

2,680

6%

(8)%

 

Power Solutions order intake (MW)

 

458

 

366

 

25%

Power Solutions Industrial (ex. Eurasia)

        86

  133

(35)%

Power Solutions Industrial (Eurasia only)

Power Solutions Utility

       127

245

 131

102

(3)%

140%

 

Utilisation

Power Solutions Industrial

 

 

68%

 

 

70%

 

 

(2.0)pp

Power Solutions Utility

66%

65%

1.0pp

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL REVIEW

 

A summarised Income Statement for the first six months of 2019 is set out below.

 

 

INCOME STATEMENT

 

 

 

£m

1H19

1H18

 

CHANGE

UNDERLYING CHANGE1

 

 

 

 

 

Revenue

768

857

(10)%

(4)%

Operating profit

81

76

6%

12%

Net interest expense

(21)

(17)

(21)%

 

Profit before tax

60

59

2%

9%

Taxation

(21)

(18)

(14)%

 

Profit after tax

39

41

(3)%

 

Diluted EPS (p)

15.33

15.85

(3)%

4%

Operating margin

10.5%

8.9%

1.6pp

1.5pp

ROCE

10.2%

10.5%

(0.3)pp

0.6pp

             

 

Currency translation

 

The movement in exchange rates in the period had a minimal impact on revenue and decreased operating profit by £4 million. Currency translation also gave rise to a £1 million decrease in the value of the Group's net assets from December 2018 to June 2019.  Set out in the table below are the principal exchange rates which affected the Group's profit and net assets.

 

 

PRINCIPAL EXCHANGE RATES

 

JUNE 2019

 

JUNE 2018

 

DEC 2018

(PER £ STERLING)

 

 

 

 

 

AVERAGE

PERIOD

AVERAGE

PERIOD

AVERAGE

PERIOD

 

 

END

 

END

 

END

 

 

 

 

 

 

 

United States Dollar

1.29

1.27

1.38

1.32

1.34

1.27

Euro

1.15

1.11

1.14

1.13

1.13

1.11

UAE Dirhams

4.75

4.66

5.06

4.84

4.91

4.66

Australian Dollar

1.83

1.81

1.78

1.78

1.79

1.80

Brazilian Reals

4.98

4.85

4.72

5.09

4.87

4.91

Argentinian Peso

53.61

54.17

29.72

36.99

37.48

48.62

Russian Rouble

84.42

79.97

81.85

82.53

83.70

88.02

(Source:  Bloomberg)

 

 

 

 

 

 

 

 

 

Reconciliation of reported to underlying results

 

The tables below reconcile the reported and underlying revenue and operating profit movements:

 

Revenue

£m

RENTAL SOLUTIONS

INDUSTRIAL

UTILITY

GROUP

 

2019

2018

CHANGE

2019

2018

CHANGE

2019

2018

CHANGE

2019

2018

CHANGE

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported

400

386

4%

198

219

(9)%

170

252

(33)%

768

857

(10)%

Pass-through fuel

-

-

 

-

-

 

(20)

(89)

 

(20)

(89)

 

Currency impact

-

10

 

-

(1)

 

-

(2)

 

-

7

 

Underlying

400

396

1%

198

218

(9)%

150

161

(7)%

748

775

(4)%

 

Operating profit

 

£m

RENTAL SOLUTIONS

INDUSTRIAL

UTILITY

GROUP

 

2019

2018

CHANGE

2019

2018

CHANGE

2019

2018

CHANGE

2019

2018

CHANGE

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported

47

40

17%

21

23

(8)%

13

13

-%

81

76

6%

Pass-through fuel

-

-

 

-

-

 

-

1

 

-

1

 

Currency impact

-

2

 

-

(1)

 

-

(5)

 

-

(4)

 

Underlying

47

42

12%

21

22

(4)%

13

9

52%

81

73

12%

Notes:

1.   The currency impact is calculated by taking the 2018 results in local currency and retranslating them at 2019 average rates.

2.   The currency impact line included in the tables above excludes the currency impact on pass-through fuel in PSU, which in 2019 was £4 million on revenue and £nil on operating profit.

 

Interest

 

The net interest charge of £21 million was £4 million higher than last year, primarily due to an increase in interest of £3 million associated with the adoption of IFRS 16 'Leases'. Interest cover, measured against rolling 12-month EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation) remained strong at 13 times (2018: 15 times).

 

Effective tax rate

 

The current forecast of the effective tax rate for the full year, which has been used in the interim accounts, is 35% (30 June 2018: 31%). The increase in the effective rate is driven primarily by a change in the expected geographic profit mix for the year.

 

Dividends

 

The Board has decided to pay an interim dividend of 9.38 pence per ordinary share, in line with last year; dividend cover is 1.6 times (30 June 2018: 1.7 times).  This interim dividend will be paid on 1 October 2019 to shareholders on the register at 6 September 2019, with an ex-dividend date of 5 September 2019.  Dividend cover is calculated as basic earnings per share for the period divided by the dividend per share.

 

 

Cash flow

 

During the first six months we generated an operating cash inflow of £210 million (2018: £160 million).  The increase in operating cash flow is mainly driven by a year on year increase in EBITDA of £23 million and a £31 million reduction in working capital outflows, partially offset by higher cash outflows relating to mobilisation (fulfilment assets) and demobilisation activities of £9 million.  Capital expenditure in the period was £99 million (2018: £95 million), of which £83 million (2018: £87 million) was spent on fleet assets.  The working capital movements in the period are explained on page 3. 

 

Financial resources

 

The Group maintains sufficient facilities to meet its normal funding requirements over the medium term.  At 30 June 2019 these facilities totalled £1,077 million, in the form of committed bank facilities arranged on a bilateral basis with a number of international banks and private placement notes.  The financial covenants attached to these facilities are that EBITDA should be no less than 4 times interest and net debt should be no more than 3 times EBITDA. The covenants exclude the impact of IFRS 16 'Leases' and, on that basis, at 30 June 2019 these ratios were 14 times and 1.3 times. The maturity profile of the Group's borrowings is detailed in Note 11 in the Accounts.

 

Net debt (including £102 million of a lease creditor on adoption of IFRS 16 from 1 January 2019) amounted to £784 million at 30 June 2019 and, at that date, undrawn committed facilities were £432 million.

 

Net operating assets

 

The net operating assets of the Group (including goodwill) at 30 June 2019 totalled £2,190 million, £67 million higher than 30 June 2018. The main components of net operating assets are detailed in the table below.

 

 

£m

 

1H19

 

1H18

 

MOVEMENT

 

MOVEMENT EXCLUDING

THE IMPACT OF CURRENCY

 

 

 

 

 

Goodwill/intangibles/investments

237

222

7%

4%

Rental fleet

1,003

1,078

(7)%

(9)%

Property & plant

220

106

108%

104%

Working capital (excl. interest creditors)

649

637

2%

(1)%

Fulfilment asset & demobilisation provision

54

15

260%

260%

Cash (incl. overdrafts)

27

65

(58)%

(60)%

Total net operating assets

2,190

2,123

3%

1%

 

A key measure of Aggreko's performance is the return (expressed as underlying operating profit) generated from average net operating assets (ROCE).  For each half year reporting period, we calculate ROCE by taking the underlying operating profit on a rolling 12-month basis and expressing it as a percentage of the average net operating assets at 30 June, 31 December and the previous 30 June.  In the first half of 2019 the ROCE decreased to 10.2% compared with 10.5% for the same period in 2018, primarily due to the impact of currency.  On an underlying1 basis ROCE rose 0.6 percentage points.

 

 

 

Shareholders' equity

 

Shareholders' equity decreased by £6 million to £1,361 million in the six months ended 30 June 2019, represented by the net assets of the Group of £2,145 million before net debt of £784 million.  The movements in shareholders' equity are analysed in the table below:

 

 

MOVEMENTS IN SHAREHOLDERS' EQUITY

 

 

 

£m

£m

AS AT 1 JANUARY 2019

 

1,367

Profit for the period

39

 

Dividend3

(45)

 

Retained earnings

Employee share awards

Re-measurement of retirement benefits

 

(6)

5

(5)

Currency translation

 

(1)

Other

 

1 

AS AT 30 JUNE 2019

 

1,361

3 Reflects the final dividend for 2018 of 17.74 pence per share (2017 17.74 pence) that was paid during the period.

 

IFRS 16 'Leases'

 

The Group adopted IFRS 16 from 1 January 2019 using the modified retrospective approach and therefore the comparative information has not been restated.

IFRS 16 addresses the accounting for leases and requires lessees to recognise all leases on balance sheet with limited exemptions.  This results in the recognition of a right-of-use asset and corresponding liability on the balance sheet, with the associated depreciation and interest expense being recorded in the income statement over the lease period. Limited exemptions apply for short-term leases (leases with a term of 12 months or less) and low value leases (<$10,000). The payments for the exempt leases are recognised as an expense in the income statement on a straight-line basis over the lease term.

The impact from applying IFRS 16 for the six months ended 30 June 2019 was:

Income statement

·      Improvement in operating profit of £2 million

·      Increase in depreciation of £14 million

·      Increase in interest costs of £3 million

·      Reduction in profit before tax of £1 million

 

Balance sheet/Cash flow statement

·      Right of use asset included within property, plant & equipment of £101 million as at 30 June 2019    (1 January 2019: £104 million)

·      Lease liabilities of £102 million as at 30 June 2019 (1 January 2019: £104 million)

·      Net debt at 30 June 2019 is higher by £102 million

 

Ratios

·      An increase in EBITDA of £16 million

·      An increase in net debt/EBITDA of 0.2 times

·      Reduction in Group ROCE of 0.3pp

 

 

 

Principal risks and uncertainties

 

In the day to day operations of the Group we face various risks and uncertainties. We seek both to prevent these risks from materialising and to mitigate their impact if they do arise. The Board has developed a risk management framework to facilitate this.   The principal risks that we believe could potentially affect the Group are summarised below:

 

·      Global macroeconomic uncertainty;

·      Market dynamics;

·      Disruptive technology;

·      Talent management;

·      New technology market introduction;

·      Change management;

·      Service delivery: major contractual failure;

·      Cyber security;

·      Escalating sanctions;

·      Health and safety;

·      Security;

·      Failure to conduct business dealings with integrity and honesty; and

·      Failure to collect payments or to recover assets.

 

Other than the one change noted below, we do not believe that the principal risks and uncertainties facing the business have changed materially since the publication of the 2018 Annual Report and Accounts.

 

One risk has returned to the Group risk register following our six-monthly update process: "Service delivery: major contractual failure". The level of this risk is likely to fluctuate with the number of major contracts that we are delivering at any point in time.

 

Shareholder information

 

Our website can be accessed at www.plc.aggreko.com.  This contains a large amount of information about our business.  The website also carries copies of recent investor presentations, as well as London Stock Exchange announcements.

 

 

 

Chris Weston

Heath Drewett

Chief Executive Officer

Chief Financial Officer

 

 

30 July 2019

 

 

 

 

 

 

GROUP INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2019 (UNAUDITED)

 

 

6 MONTHS

6 MONTHS

YEAR ENDED

 

 

ENDED

ENDED

31 DECEMBER

 

 

30 JUNE 2019

30 JUNE 2018

2018

 

NOTES

£ MILLION

£ MILLION

£ MILLION

Revenue

4

768

857

1,760

Cost of sales

 

(335)

(420)

(824)

Gross profit

 

433

437

936

Distribution costs

 

(225)

(230)

(476)

Administrative expenses

 

(127)

(129)

(241)

Impairment loss on trade receivables

 

(5)

(4)

(7)

Other income

 

5

2

7

Operating profit

4

81

76

219

Net finance costs

 

 

 

 

- Finance cost

 

(21)

(17)

(41)

- Finance income

 

-

-

4

Profit before taxation

 

60

59

182

Taxation

7

(21)

(18)

(57)

Profit for the period

39

41

125

All profit for the period is attributable to the owners of the Company.

 

 

 

 

 

 

 

 

Basic earnings per share (pence)

6

15.34

15.85

49.22

Diluted earnings per share (pence)

6

15.33

15.85

49.18

 

 

GROUP STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2019 (UNAUDITED)

 

6 MONTHS ENDED

30 JUNE 2019

£ MILLION

6 MONTHS ENDED

30 JUNE 2018

YEAR ENDED

31 DECEMBER 2018

 

£ MILLION

£ MILLION

 

 

 

 

Profit for the period

39

41

125

Other comprehensive (loss)/income

 

 

 

Items that will not be reclassified subsequently to profit or loss

   Remeasurement of retirement benefits

   Taxation on remeasurement of retirement benefits

 

 

(5)

1

 

 

21

(4)

 

 

26

(5)

Items that may be reclassified subsequently to profit or loss

 

  Cash flow hedges

 

 

 

-

 

 

 

1

 

 

 

2

 

   Net exchange losses offset in reserves

(1)

(28)

(24)

Other comprehensive loss for the period

(5)

(10)

(1)

 

 

 

 

Total comprehensive income for the period

34

31

124

 

 

 

 

 

 

 

GROUP BALANCE SHEET
AS AT 30 JUNE 2019 (UNAUDITED)

 

 

30 JUNE

30 JUNE

31 DEC

 

 

2019

2018

2018

 

NOTES

£ MILLION

£ MILLION

£ MILLION

Non-current assets

 

 

 

 

Goodwill

 

186

180

184

Other intangible assets

 

42

33

42

Investment

 

9

9

9

Property, plant and equipment

8

1,223

1,184

1,169

Deferred tax asset

 

36

34

36

Fulfilment asset

9

45

17

29

Retirement benefit surplus

 

1

-

1

 

 

1,542

1,457

1,470

Current assets

 

 

 

 

Inventories

 

233

244

229

Trade and other receivables

10

746

740

781

Fulfilment asset

9

22

8

15

Cash and cash equivalents

 

69

76

85

Derivative financial instruments

 

-

-

1

Current tax assets

 

20

27

23

 

 

1,090

1,095 

1,134

Total assets

 

2,632

2,552

2,604

 

 

 

 

 

Current liabilities

 

 

 

 

Borrowings

11

(155)

(175)

(144)

Lease liability

 

(33)

-

-

Derivative financial instruments

 

-

(1)

(1)

Trade and other payables

 

(336)

(346)

(371)

Current tax liabilities

 

(34)

(52)

(47)

Demobilisation provision

12

(4)

(8)

(6)

Provisions

 

(1)

(4)

(2)

 

 

(563)

(586)

(571)

Non-current liabilities

 

 

 

 

Borrowings

11

(596)

(642)

(627)

Lease liability

 

(69)

-

-

Deferred tax liabilities

 

(34)

(22)

(34)

Retirement benefit obligation

 

-

(2)

-

Demobilisation provision

12

(9)

(2)

(5)

 

 

(708)

(668)

(666)

 

 

 

 

 

Total liabilities

 

(1,271)

(1,254)

(1,237)

 

 

 

 

 

Net assets

 

1,361

1,298

1,367

Shareholders' equity

 

 

 

 

Share capital

 

42

42

42

Share premium

 

20

20

20

Treasury shares

 

(11)

(14)

(17)

Capital redemption reserve

 

13

13

13

Hedging reserve (net of deferred tax)

 

1

-

1

Foreign exchange reserve

 

(52)

(55)

(51)

Retained earnings

 

1,348

1,292

1,359

Total shareholders' equity

 

1,361

1,298

1,367

 

 

 

 

 

 

GROUP CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2019 (UNAUDITED)

 

 

6 MONTHS

6 MONTHS

YEAR

 

 

ENDED

ENDED

ENDED

 

 

30 JUNE

30 JUNE

31 DEC

 

 

2019

2018

2018

 

NOTES

£ MILLION

£ MILLION

£ MILLION

Operating activities

 

 

 

 

Profit for the period

 

39

41

125

Adjustments for:

 

 

 

 

Tax

 

21

18

57

Depreciation

 

163

145

293

Amortisation of intangibles

 

3

3

5

Fulfilment assets

9

6

3

9

Demobilisation provisions

12

4

2

4

Finance income

 

-

-

(4)

Finance cost

 

21

17

41

Profit on sale of property, plant and equipment (PPE)

 

(5)

(2)

(7)

Share based payments

 

5

5

10

Changes in working capital (excluding the effects of exchange differences on consolidation):

 

 

 

 

(Increase)/decrease in inventories

 

(2)

(4)

14

Decrease/(increase) in trade and other receivables

 

34

7

(10)

Decrease in trade and other payables

 

(48)

(50)

(60)

Cash flows relating to fulfilment assets

9

(28)

(20)

(44)

Cash flows relating to demobilisation provisions

12

(2)

(1)

(4)

Cash flows relating to prior period exceptional items

 

(1)

(4)

(6)

Cash generated from operations

 

210

160

423

Tax paid

 

(30)

(33)

(61)

Interest received

 

-

-

4

Interest paid

 

(22)

(18)

(36)

Net cash generated from operating activities

 

158

109

330

Cash flows from investing activities

 

 

 

 

Acquisitions (net of cash acquired)

 

-

(24)

(24)

Purchases of PPE

Purchase of other intangible assets

 

(99)

(4)

(95)

(4)

(216)

(10)

Purchase of investment

 

-

(9)

(9)

Proceeds from sale of PPE

 

9

4

15

Net cash used in investing activities

 

(94)

(128)

(244)

Cash flows from financing activities

 

 

 

 

Increase in long-term loans

 

206

473

726

Repayment of long-term loans

 

(189)

(338)

(624)

Increase in short-term loans

 

30

11

5

Repayment of short-term loans

 

(101)

(68)

(94)

Payment of lease liabilities

 

(14)

-

-

Dividends paid to shareholders

 

(45)

(45)

(69)

Purchase of treasury shares

 

-

(7)

(12)

Net cash (used in)/from financing activities

 

(113)

26

(68)

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

(49)

7

18

Cash and cash equivalents at beginning of the period

76

59

59

Exchange loss on cash and cash equivalents

 

-

(1)

(1)

 

 

 

 

 

Cash and cash equivalents at end of the period

 

27

65

76

 

 

 

 

 

           

Cash flows for the purchase and sale of rental fleet assets are presented as arising from investing activities because the acquisition of new fleet assets represents a key investment decision for the Group, the assets are expected to be owned and operated by the Group to the end of their economic lives, the disposal process (when the assets are largely depreciated) is not a major part of the Group's business model and the assets in the rental fleet are not specifically held for subsequent resale.

 

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

AS AT 30 JUNE 2019

 

 

At 1 JAN 2019

IFRS 16 TRANSITION

CASH FLOW

EXCHANGE

OTHER NON-CASH

MOVEMENTS

At 30 JUNE 2019

Analysis of changes in net debt

£ MILLION

£ MILLION

£ MILLION

£ MILLION

£ MILLION

£ MILLION

Cash and cash equivalents

 

 

76

 

-

 

(49)

 

-

 

-

 

27

Current borrowings:

 

 

 

 

 

 

Bank borrowings

(115)

-

52

(2)

(48)

(113)

Private placement notes

(20)

-

19

1

-

-

Lease liability

-

(31)

14

-

(16)

(33)

 

(135)

(31)

85

(1)

(64)

(146)

Non-current borrowings:

 

 

 

 

 

 

Bank borrowings

(134)

-

(17)

-

48

(103)

Private placement notes

(493)

-

-

-

-

(493)

Lease liability

-

(73)

-

-

4

(69)

 

(627)

(73)

(17)

-

52

(665)

 

 

 

 

 

 

 

Net debt

(686)

(104)

19

(1)

(12)

(784)

 

Analysis of changes in liabilities from financing activities

 

Current borrowings

(135)

(31)

85

(1)

(64)

(146)

Non-current borrowings

(627)

(73)

(17)

-

52

(665)

Total financing liabilities

(762)

 

(104)

68

(1)

(12)

(811)

 

Other non-cash movements include reclassifications between short term and long term borrowings, with £48 million being reclassified from non-current to current borrowings and £11 million from non-current to current lease liabilities. The remaining balance is due to £12 million of new lease liabilities in the period.                                                                        

 

AS AT 30 JUNE 2018

 

 

At 1 JAN 2018

CASH FLOW

ACQUISITIONS

EXCHANGE

OTHER NON-CASH

MOVEMENTS

At 30 JUNE 2018

Analysis of changes in net debt

£ MILLION

£ MILLION

£ MILLION

£ MILLION

£ MILLION

£ MILLION

Cash and cash equivalents

 

 

59

 

7

 

-

 

(1)

 

-

 

65

Current borrowings:

 

 

 

 

 

 

Bank borrowings

(72)

3

-

(2)

(74)

(145)

Private placement notes

(55)

54

-

-

(18)

(19)

 

(127)

57

-

(2)

(92)

(164)

Non-current borrowings:

 

 

 

 

 

 

Bank borrowings

(103)

(111)

(24)

(3)

74

(167)

Private placement notes

(481)

-

-

(12)

18

(475)

 

(111)

(24)

(15)

92

(642)

 

 

 

 

 

 

 

Net debt

(652)

(47)

(24)

(18)

-

(741)

 

 

 

 

 

 

 

Analysis of changes in liabilities from financing activities

 

Current borrowings

(127)

57

-

(2)

(92)

(164)

Non-current borrowings

(584)

(111)

(24)

(15)

92

(642)

Financing derivatives

(2)

1

-

-

-

(1)

Total financing liabilities

 

(713)

 

(53)

 

(24)

 

(17)

 

-

 

(807)

 

 

GROUP STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2019 (UNAUDITED)

 

AS AT
30 JUNE 2019

ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY

 

 

 

ORDINARY

SHARE

CAPITAL

£ MILLION

 

SHARE

PREMIUM

ACCOUNT

£ MILLION

 

 

TREASURY

SHARES

£ MILLION

 

CAPITAL

REDEMPTION

RESERVE

£ MILLION

 

 

HEDGING

RESERVE

£ MILLION

FOREIGN

EXCHANGE

RESERVE

(TRANSLATION)

£ MILLION

 

 

RETAINED

EARNINGS

£ MILLION

 

 

TOTAL

EQUITY

£ MILLION

 

Balance at 1 January 2019

42

20

(17)

13

1

(51)

1,359

1,367

Profit for the period

-

-

-

-

-

-

39

39

Other comprehensive loss:

 

 

 

 

 

 

 

Currency translation differences (Note (i))

-

-

-

-

-

(1)

-

(1)

Re-measurement of retirement benefits (net of tax)

-

-

-

-

-

-

(4)

(4)

Total comprehensive income for the period ended 30 June 2019

-

-

-

-

-

(1)

35

34

Transactions with owners:

 

 

 

 

 

 

 

 

 

Employee share awards

Issue of Ordinary Shares to employees under share option schemes (Note (ii))

-

 

 

 

 

-

-

 

 

 

 

-

-

 

 

 

 

6

-

 

 

 

 

-

-

 

 

 

 

-

-

 

 

 

 

-

5

 

 

 

 

(6)

5

 

 

 

 

-

Dividends paid during the period

-

-

-

-

-

-

(45)

(45)

 

-

-

6

-

-

-

(46)

(40)

Balance at 30 June 2019

42

20

(11)

13

1

(52)

1,348

1,361

                   

 

(i)         The currency translation difference is explained in the Financial Review on page 9.

 

(ii)           During the period 654,496 Ordinary shares have been transferred from the Employee Benefit Trust to satisfy the Restricted Stock Schemes and Share Save Schemes.

 

 

 

GROUP STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2018 (UNAUDITED)

 

AS AT
30 JUNE 2018

ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY

 

 

ORDINARY

SHARE

CAPITAL

£ MILLION

 

SHARE

PREMIUM

ACCOUNT

£ MILLION

 

 

TREASURY

SHARES

£ MILLION

 

CAPITAL

REDEMPTION

RESERVE

£ MILLION

 

 

HEDGING

RESERVE

£ MILLION

FOREIGN

EXCHANGE

RESERVE

(TRANSLATION)

£ MILLION

 

 

RETAINED

EARNINGS

£ MILLION

 

 

TOTAL

EQUITY

£ MILLION

 

Balance at 1 January 2018 as previously reported

42

20

(7)

13

(1)

(27)

1,277

1,317

Impact of change in accounting policy

-

-

-

-

-

-

(3)

(3)

Restated balance at 1 January 2018

42

20

(7)

13

(1)

(27)

1,274

1,314

Profit for the period

-

-

-

-

-

-

41

41

Other comprehensive (loss)/income:

 

 

 

 

 

 

 

Fair value gains on interest rate swaps

 

-

 

-

 

-

 

-

1

 

-

 

-

1

Currency translation differences

-

-

-

-

-

(28)

-

(28)

Re-measurement of retirement benefits (net of tax)

 

-

 

-

 

-

 

-

-

 

-

17

17

Total comprehensive income for the period ended 30 June 2018

 

 

-

 

 

-

 

 

-

 

 

-

1

(28)

58

31

Transactions with owners:

 

 

 

 

 

 

 

 

Purchase of Treasury shares (Note (ii))

-

-

(7)

-

-

-

-

(7)

Employee share awards

-

-

-

-

-

-

5

5

Dividends paid during the period

-

-

-

-

-

-

(45)

(45)

 

-

-

(7)

-

-

-

(40)

(47)

Balance at 30 June 2018

42

20

(14)

13

-

(55)

1,292

1,298

                   

 

 

(i)            During the period 41,543 Ordinary shares have been transferred from the Employee Benefit Trust to satisfy the Restricted Stock Schemes.

 

(ii)           During the period 940,000 Ordinary shares were purchased at an average price of £7.39 and transferred to the Employee Benefit Trust.

 

 

NOTES TO THE INTERIM ACCOUNTS

FOR THE SIX MONTHS ENDED 30 JUNE 2019 (UNAUDITED)

 

1. GENERAL INFORMATION

 

The Company is a public limited company which is listed on the London Stock Exchange and is incorporated and domiciled in the UK. The address of the registered office is 120 Bothwell Street, Glasgow, G2 7JS, UK.

 

This condensed interim report was approved for issue on 30 July 2019.

 

This condensed consolidated interim report does not comprise Statutory Accounts within the meaning of Section 434 of the Companies Act 2006. Statutory Accounts for the year ended 31 December 2018 were approved by the Board on 6 March 2019 and delivered to the Registrar of Companies. The report of the auditor on those Accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 498 of the Companies Act 2006.

 

The condensed consolidated interim report is unaudited but has been reviewed by the Group's auditor, whose report is on page 33.

 

2. BASIS OF PREPARATION

 

This condensed consolidated interim report for the six months ended 30 June 2019 has been prepared in accordance with the Disclosure and Transparency Rules (DTR) of the Financial Conduct Authority (previously the Financial Services Authority) and IAS 34 'Interim financial reporting' as adopted by the European Union. The condensed consolidated interim report should be read in conjunction with the annual financial statements for the year ended 31 December 2018, which have been prepared in accordance with IFRSs as adopted by the European Union.

 

Going concern basis

 

Given the proven ability of the business to fund organic growth from operating cash flows, and the nature of our business model, we believe it is sensible to run the business with a modest amount of debt. We say 'modest' because we are strongly of the view that it is unwise to run a business which has high levels of operational gearing with high levels of debt. Given the above considerations, we believe that a Net Debt to EBITDA ratio of around one times is appropriate for the Group over the longer term.

 

The Group maintains sufficient facilities to meet its normal funding requirements over the medium term. At 30 June 2019, these facilities totalled £1,077 million in the form of committed bank facilities arranged on a bilateral basis with a number of international banks and private placement notes. The financial covenants attached to these facilities are that EBITDA should be no less than 4 times interest and net debt should be no more than 3 times EBITDA. The covenants exclude the impact of IFRS 16 'Leases' and, on that basis, at 30 June 2019 these ratios were 14 times and 1.3 times. The Group does not expect to breach these covenants in the year from the date of approval of this interim report and the Group expects to continue to be able to arrange sufficient finance to meet its future funding requirements. It has been the Group's custom and practice to refinance its facilities in advance of their maturity dates, providing that there is an ongoing need for those facilities. Net debt amounted to £784 million at 30 June 2019 and, at that date, undrawn committed facilities were £432 million.

 

The Group balance sheet shows consolidated net assets of £1,361 million (30 June 2018: £1,298 million) of which £1,003 million (30 June 2018: £1,078 million) relates to fleet assets. The defined benefit pension surplus is £1 million (30 June 2018: deficit of £2 million). 

 

Based on the above the Directors are confident that it is appropriate for the going concern basis to be adopted in preparing the half year financial statements.

 

 

 

3. ACCOUNTING POLICIES

 

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

Except as described below, the accounting policies are consistent with those of the annual financial statements for the year ended 31 December 2018, as described in those annual financial statements.

The Group adopted IFRS 16 'Leases' from 1 January 2019 and, therefore, this is the first set of the Group's financial statements where IFRS 16 has been applied.  Changes to significant accounting policies are described below. The changes in accounting policies will be reflected in the Group's consolidated financial statements as at and for the year ending 31 December 2019.

IFRS 16

IFRS 16 addresses the accounting for leases and requires lessees to recognise all leases on balance sheet with limited exemptions.  This results in the recognition of a right-of-use asset and corresponding liability on the balance sheet, with the associated depreciation and interest expense being recorded in the income statement over the lease period. Limited exemptions apply for short-term leases (leases with a term of 12 months or less) and low value leases (<$10,000). The payments for the exempt leases are recognised as an expense in the income statement on a straight-line basis over the lease term.

The Group has adopted IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application (£nil) is recognised in retained earnings at 1 January 2019. Accordingly, the comparative information has not been restated and continues to be reported under IAS 17 'Leases' and IFRIC 4 'Determining Whether an Arrangement contains a Lease'. 

Definition of a lease

Previously, the Group determined at contract inception whether an arrangement was or contained a lease under IFRIC 4. Under IFRS 16, a contract is, or contains a lease, if the contract conveys a right to control the use of an identified asset for a period in exchange for consideration. 

 

In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard:

-       to grandfather the assessment of which transactions are leases. The Group applied IFRS 16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered or changed on or after 1 January 2019;

-       the use of hindsight in determining the lease term if the contract contains options to extend or terminate the lease;

-       the accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short-term leases; and

-       to exclude initial direct costs from the measurement of the right-of-use asset at the date of initial application.

 

Accounting policy

On initial measurement the right-of-use asset is recognised at cost, which comprises the value of the lease liability adjusted for any lease payments made on or before the commencement date, less any incentives received, any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset.  The right-of-use asset is depreciated over the shorter of the lease term and the useful life. The estimated useful life of the right-of-use asset is determined on the same basis as property, plant and equipment.  The right-of-use asset is periodically adjusted for impairment, if any, and any remeasurements of the lease liability.

The Group leases various property, plant, equipment and vehicles.  Rental contracts are typically for fixed periods from 3 to 7 years but may have extension options.  Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. 

On initial measurement the lease liability is measured at the present value of the future lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The lease liability is measured at amortised cost using the effective interest rate method and is remeasured when there is a change in the future lease payments arising from a change in index or a change in the original assessment made.

 

3. ACCOUNTING POLICIES CONTINUED

 

Each lease payment is allocated between the liability and finance cost.  The finance cost is charged to the income statement over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

The Group presents the right-of-use asset and lease liability on the balance sheet.

The Group has applied judgement to determine the lease term for some lease contracts that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognised. Lease payments associated with short-term and low-value leases are recognised on a straight-line basis as an expense in the profit or loss. 

On transition to IFRS 16 the Group recognised an additional £104 million of right-of-use assets and £104 million of lease liabilities at the present value of the remaining lease payments, discounted at the Group's incremental borrowing rate as at 1 January 2019.  The Group's weighted average incremental borrowing rate applied to the lease liabilities on 1 January 2019 was 5%. On transition the right of use assets were measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments, which were not material.

The recognised right-of-use assets relate to the following types of assets:

 

 

 

 

1 JANUARY 2019

 

 

 

 

£ MILLION

  Freehold property

 

 

 

75

  Vehicles, plant & equipment

 

 

 

29

 

 

 

 

104

 

The recognised lease liability at 1 January 2019 is detailed below.

 

 

1 JANUARY 2019

 

 

£ MILLION

Operating lease commitment at 31 December 2018 as disclosed in the Group's consolidated financial statements

117

Discounted using the incremental borrowing rate at 1 January 2019

96

Recognition exemption for leases with less than 12 months of term remaining at transition

(1)

Extension or termination options reasonably certain to be exercised

9

Lease liabilities recognised at 1 January 2019

104

 

Impact for the period

The impact from applying IFRS 16 for the six months ended 30 June 2019 was:

Income statement

·      Improvement in operating profit of £2 million

·      Increase in depreciation of £14 million

·      Increase in interest costs of £3 million

·      Reduction in profit before tax of £1 million

 

Balance sheet/cash flow statement

·      Right of use asset included within property, plant & equipment of £101 million at 30 June 2019 (1 January 2019: £104 million)

·      Lease liabilities of £102 million at 30 June 2019 (1 January 2019: £104 million)

·      Net debt at 30 June 2019 is higher by £102 million

 

Ratios

·      An increase in EBITDA of £16 million

·      An increase in net debt/EBITDA of 0.2 times

·      Reduction in Group ROCE of 0.3pp

 

IFRIC 23 'Uncertainty over Income Tax Treatments'

 

The Group adopted IFRIC 23 from 1 January 2019. There was no material impact arising from the adoption of this standard.
 

4. SEGMENTAL REPORTING

 

(a)  Revenue by segment

 

 

 

 

 

EXTERNAL REVENUE

 

 

 

 

6 MONTHS

6 MONTHS

YEAR

 

 

 

 

ENDED

ENDED

ENDED

 

 

 

 

30 JUNE

30 JUNE

31 DEC

 

 

 

 

2019

2018

2018

 

 

 

 

£ MILLION

£ MILLION

£ MILLION

Power Solutions

 

 

 

 

 

 

  Industrial (PSI)

 

 

 

198

219

424

  Utility (PSU)

 

 

 

170

252

514

 

 

 

 

368

471

938

Rental Solutions (RS)

 

 

 

400

386

822

Group

 

 

 

768

857

1,760

 

 

 

 

 

 

 

(i)         Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would also be available to unrelated third parties. All inter-segment revenue was less than £1 million apart from revenue of £1 million from Power Solutions Utility to Rental Solutions.

 

Disaggregation of revenue

 

In the tables below revenue is disaggregated by geography and sector.

 

Revenue by geography

 

 

 

 

 

6 MONTHS

6 MONTHS

YEAR

 

 

 

 

ENDED

ENDED

ENDED

 

 

 

 

30 JUNE

30 JUNE

31 DEC

 

 

 

 

2019

2018

2018

 

 

 

 

£ MILLION

£ MILLION

£ MILLION

 

 

 

 

 

 

 

North America

 

 

 

237

203

460

UK

 

 

 

36

58

106

Continental Europe

 

 

 

89

78

179

Eurasia

 

 

 

36

40

77

Middle East

 

 

 

77

69

148

Africa

 

 

 

88

91

200

Asia

 

 

 

62

91

166

Australia Pacific

 

 

 

43

56

100

Latin America

 

 

 

100

171

324

 

 

 

 

768

857

1,760

 

                 

 

 

 

4. SEGMENTAL REPORTING CONTINUED

 

Revenue by sector

 

 

6 MONTHS ENDED 30 JUNE 2019

 

 

PSI

PSU

RS

Group

 

£ MILLION

£ MILLION

£ MILLION

£ MILLION

 

 

 

 

 

Utilities

9

170

39

218

Oil & gas

89

-

73

162

Petrochemical & refining

4

-

78

82

Building Services & construction

23

-

71

94

Events

13

-

34

47

Manufacturing

15

-

24

39

Quarrying & mining

29

-

24

53

Other

16

-

57

73

 

198

170

400

768

 

 

6 MONTHS ENDED 30 JUNE 2018

 

 

PSI

PSU

RS

Group

 

£ MILLION

£ MILLION

£ MILLION

£ MILLION

 

 

 

 

 

 

 

 

 

 

Utilities

18

252

44

314

Oil & gas

85

-

46

131

Petrochemical & refining

5

-

67

72

Building Services & construction

22

-

75

97

Events

35

-

34

69

Manufacturing

15

-

26

41

Quarrying & mining

25

-

20

45

Other

14

-

74

88

 

219

252

386

857

 

 

YEAR ENDED 31 DECEMBER 2018

 

 

PSI

PSU

RS

Group

 

£ MILLION

£ MILLION

£ MILLION

£ MILLION

 

 

 

 

 

Utilities

27

514

99

640

Oil & gas

163

-

110

273

Petrochemical & refining

9

-

147

156

Building Services & construction

48

-

151

199

Events

53

-

80

133

Manufacturing

32

-

56

88

Quarrying & mining

53

-

43

96

Other

39

-

136

175

 

424

514

822

1,760

 

 

 

 

 

4. SEGMENTAL REPORTING CONTINUED

 

(b) Profit by segment

 

 

OPERATING PROFIT

 

6 MONTHS

6 MONTHS

YEAR

 

ENDED

ENDED

ENDED

 

30 JUNE

30 JUNE

31 DEC

 

2019

2018

2018

 

£ MILLION

£ MILLION

£ MILLION

Power Solutions

 

 

 

  Industrial

21

23

71

  Utility

13

13

43

 

34

36

114

Rental Solutions

47

40

105

Operating profit

81

76

219

Finance costs - net

(21)

(17)

(37)

Profit before taxation

60

59

182

Taxation

(21)

(18)

(57)

Profit for the period/year

39

41

125

 

(c) Depreciation and amortisation by segment

 

 

 

 

 

6 MONTHS

6 MONTHS

YEAR

 

 

 

 

ENDED

ENDED

ENDED

 

 

 

 

30 JUNE

30 JUNE

31 DEC

 

 

 

 

2019

2018

2018

 

 

 

 

£ MILLION

£ MILLION

£ MILLION

Power Solutions

 

 

 

 

 

  Industrial

 

 

50

45

90

  Utility

 

 

53

53

104

 

 

 

103

98

194

Rental Solutions

 

 

63

50

104

Group

 

 

 

166

148

298

 

 

 

4. SEGMENTAL REPORTING CONTINUED

 

 (d) Capital expenditure on property, plant & equipment and intangible assets by segment

 

 

 

6 MONTHS

6 MONTHS

YEAR

 

 

ENDED

ENDED

ENDED

 

 

30 JUNE

30 JUNE

31 DEC

 

 

2019

2018

2018

 

 

£ MILLION

£ MILLION

£ MILLION

Power Solutions

 

 

 

 

  Industrial

 

29

33

55

  Utility

 

42

34

76

 

 

71

67

131

Rental Solutions

 

44

45

109

Group

 

115

112

240

 

(i)         The net book value of total Group disposals of property, plant and equipment (PPE) during the period was £4 million (30 June 2018: £2 million, 31 December 2018: £8 million).

(ii)        Capital expenditure comprises additions of PPE of £111 million (including £12 million in relation to leased right of use assets) (30 June 2018: £95 million, 31 December 2018: £216 million), additions of intangible assets of £4 million (30 June 2018: £4 million, 31 December 2018: £10 million), acquisitions of PPE of £nil (30 June 2018: £13 million, 31 December 2018: £13 million) and acquisitions of intangible assets of £nil (30 June 2018: £nil, 31 December 2018: £1 million).

 

(e) Assets / (Liabilities) by segment

 

 

ASSETS

LIABILITIES

 

30 JUNE

30 JUNE

31 DEC

30 JUNE

30 JUNE

31 DEC

 

2019

2018

2018

2019

2018

2018

 

£ MILLION

£ MILLION

£ MILLION

£ MILLION

£ MILLION

£ MILLION

Power Solutions

 

 

 

 

 

 

  Industrial

749

768

714

(115)

(102)

(94)

  Utility

933

904

996

(170)

(169)

(214)

 

1,682

1,672

1,710

(285)

(271)

(308)

Rental Solutions

893

819

833

(100)

(97)

(76)

Group

2,575

2,491

2,543

(385)

(368)

(384)

Tax and finance asset/(liability)

56

61

59

(75)

(77)

(90)

Derivative financial instruments

-

-

1

-

(1)

(1)

Borrowings

-

-

-

(709)

(806)

(762)

Lease liability

-

-

-

(102)

-

-

Retirement benefit surplus/(obligation)

1

-    

1

-

(2)

-

Total assets/(liabilities) per balance sheet

2,632

2,552

2,604

(1,271)

(1,254)

(1,237)

               

 

 

 

4. SEGMENTAL REPORTING CONTINUED

 

(f) Geographical information

 

 

 

NON-CURRENT ASSETS

 

 

 

 

 

 

 

 

 

30 JUNE

30 JUNE

31 DEC

 

 

 

2019

2018

2018

 

 

 

£ MILLION

£ MILLION

£ MILLION

 

 

 

 

 

 

North America

 

 

305

265

288

UK

 

 

171

123

161

Continental Europe

 

 

148

126

137

Eurasia

 

 

62

61

59

Middle East

 

 

 

205

303

251

Africa

 

 

192

162

153

Asia

 

 

156

169

151

Australia Pacific

 

 

79

69

70

Latin America

 

 

188

145

164

 

 

 

 

1,506

1,423

1,434

               

Non-current assets exclude deferred tax.

 

5. DIVIDENDS

 

The dividends paid in the period were:

 

6 MONTHS

6 MONTHS

YEAR

 

ENDED

ENDED

ENDED

 

30 JUNE

30 JUNE

31 DEC

 

2019

2018

2018

 

 

 

 

Total dividend (£ million)

45

45

69

Dividend per share (pence)

17.74

17.74

27.12

 

The interim dividend per share for the period was 9.38 pence (2018: 9.38 pence), amounting to a total dividend of £24 million (2018: £24 million). This interim dividend will be paid on 1 October 2019 to shareholders on the register on 6 September 2019, with an ex-dividend date of 5 September 2019.

 

6. EARNINGS PER SHARE

 

Basic earnings per share have been calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares in issue during the period, excluding shares held by the Employee Share Ownership Trusts which are treated as cancelled.

 

 

6 MONTHS

6 MONTHS

YEAR

 

ENDED

ENDED

ENDED

 

30 JUNE

30 JUNE

31 DEC

 

2019

2018

2018

 

 

 

 

Profit for the period (£ million)

39.0

40.5

125.4

 

 

 

 

Weighted average number of ordinary shares in issue (million)

254.2

255.0

254.8

 

 

 

 

Basic earnings per share (pence)

15.34

15.85

49.22

6. EARNINGS PER SHARE CONTINUED

 

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares.  These represent share options granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the period.  The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.

 

 

6 MONTHS

6 MONTHS

YEAR

 

ENDED

ENDED

ENDED

 

30 JUNE

30 JUNE

31 DEC

 

2019

2018

2018

 

 

 

 

Profit for the period (£ million)

39.0 

40.5 

125.4

 

 

 

 

Weighted average number of ordinary shares in issue (million)

254.2

255.0

254.8

Adjustment for share options

0.3   

-    

0.2

Diluted weighted average number of ordinary shares in issue (million)

254.5

255.0

255.0

 

 

 

 

Diluted earnings per share (pence)

15.33

15.85

49.18

 

7. TAXATION

 

The taxation charge for the period is based on an estimate of the Group's expected annual effective rate of tax for 2019 based on prevailing tax legislation at 30 June 2019. This is currently estimated to be 35% (June 2018: 31%; December 2018: 31%).

 

8. PROPERTY, PLANT AND EQUIPMENT

 

SIX MONTHS ENDED 30 JUNE 2019

 

 

FREEHOLD

SHORT LEASEHOLD

 

VEHICLES, PLANT &

 

 

PROPERTIES

PROPERTIES

FLEET

EQUIPMENT

TOTAL

 

£ MILLION

£ MILLION

£ MILLION

£ MILLION

£ MILLION

Cost

 

 

 

 

 

At 1 January 2019

92

23

3,612

168

3,895

Exchange adjustments

1

-

22

4

27

Transition to IFRS 16

75

-

-

29

104

Additions (Note (ii))

9

-

83

19

111

Disposals

-

-

(59)

(2)

(61)

At 30 June 2019

177

23

3,658

218

4,076

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

At 1 January 2019

40

16

2,555

115

2,726

Exchange adjustments

1

-

17

3

21

Charge for the period

10

1

138

14

163

Disposals

-

-

(55)

(2)

(57)

At 30 June 2019

51

17

2,655

130

2,853

 

 

 

 

 

 

Net book values

 

 

 

 

 

At 30 June 2019

126

6

1,003

88

1,223

At 31 December 2018

52

7

1,057

53

1,169

(i) The net book value of assets capitalised in respect of leased right of use assets at 30 June 2019 is £101 million.

(ii) Additions of £111 million include £12 million in relation to leased right of use assets.

9. FULFILMENT ASSET

 

 

30 JUNE

2019

30 JUNE

2018

31 DEC

2018

 

£ MILLION

£ MILLION

£ MILLION

 

 

 

 

Balance at 1 January

44

8

8

Capitalised in the period

28

20

44

Provision created for future demobilisation costs

1

2

3

Amortised to the income statement

(7)

(5)

(12)

Exchange

1

-

1

Balance at 30 June/31 December

67

25

44

 

 

 

 

Analysis of fulfilment assets

 

 

 

Current

22

8

15

Non-current

45

17

29

Total

67

25

44

 

10. TRADE AND OTHER RECEIVABLES

 

 

30 JUNE

2019

30 JUNE

2018

31 DEC

2018

 

£ MILLION

£ MILLION

£ MILLION

 

 

 

 

Trade receivables

588

562

587

Less: provision for impairment of receivables

(90)

(81)

(85)

Trade receivables - net

498

481

502

Prepayments

50

48

45

Accrued income

137

140

169

Other receivables (Note (i))

61

71

65

Total receivables

746

740

781

 

 

 

 

Provision for impairment of receivables

 

 

 

 

30 JUNE

2019

30 JUNE

2018

31 DEC

2018

 

£ MILLION

£ MILLION

£ MILLION

Power Solutions

 

 

 

  Industrial

13

6

11

  Utility

66

65

64

 

79

71

75

Rental Solutions

11

10

10

Group

90

81

85

 

(i)         Other receivables include £4 million (30 June 2018: £4 million, 31 December 2018: £4 million) of private placement notes with one customer in Venezuela (PDVSA). This financial instrument is booked at fair value which reflects our estimation of the recoverability of these notes. Other material amounts included in other receivables include taxes receivable of £27 million (30 June 2018: £26 million, 31 December 2018: £21 million) and deposits of £6 million (30 June 2018: £10 million, 31 December 2018: £15 million).

 

11. BORROWINGS

 

 

30 JUNE

2019

30 JUNE

2018

31 DEC

2018

 

£ MILLION

£ MILLION

£ MILLION

Non-current

 

 

 

Bank borrowings

103

167

134

Private placement notes

493

475

493

 

596

642

627

Current

 

 

 

Bank overdrafts

42

11

9

Bank borrowings

113

145

115

Private placement notes

-

19

20

 

155

175

144

 

 

 

 

Total borrowings

751

817

771

 

 

 

 

Short-term deposits

(7)

-

-

Cash at bank and in hand

(62)

(76)

(85)

Lease liability

102

-

-

 

 

 

 

Net borrowings

784

741

686

 

 

 

 

Overdrafts and borrowings are unsecured.

 

 

 

 

 

 

 

The maturity of financial liabilities

 

 

 

The maturity profile of the borrowings was as follows:

 

 

 

 

30 JUNE

2019

30 JUNE

2018

31 DEC

2018

 

£ MILLION

£ MILLION

£ MILLION

Within 1 year, or on demand

155

175

144

Between 1 and 2 years

198

137

104

Between 2 and 3 years

34

164

157

Between 3 and 4 years

9

-

11

Between 4 and 5 years

118

-

-

Greater than 5 years

237

341 

355

 

751

817

771

 

Fair value estimation

 

The carrying value of non-derivative financial assets and liabilities, comprising cash and cash equivalents, trade and other receivables, trade and other payables and borrowings is considered to materially equate to their fair value. Private placement notes are level 2. There are no derivative financial instruments at 30 June 2019. The valuation techniques employed are consistent with the 2018 Annual Report and Accounts.

 

 

 

 

 

 

 

 

 

12. DEMOBILISATION PROVISION

 

 

30 JUNE

2019

30 JUNE

2018

31 DEC

2018

 

£ MILLION

£ MILLION

£ MILLION

Balance at 1 January

11

10

10

New provisions

4

2

4

Utilised

(2)

(1)

(4)

Exchange

-

(1)

1

Balance at 30 June/31 December

13

10

11

 

 

 

 

Analysis of demobilisation provision

 

 

 

Current

4

8

6

Non-current

9

2

5

Total

13

10

11

 

13. CAPITAL COMMITMENTS

 

 

30 JUNE

2019

30 JUNE

2018

31 DEC

2018

 

£ MILLION

£ MILLION

£ MILLION

Contracted but not provided for (property, plant and equipment)

49

64

19

 

14. RELATED PARTY TRANSACTIONS

 

Transactions between the Group and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.  There were no other related party transactions in the period.

 

15. SEASONALITY

 

The Group is subject to seasonality with the third quarter of the year being our peak demand period, accordingly revenue and profits have historically been higher in the second half of the year.

 

 

 

STATEMENT OF DIRECTORS' RESPONSIBILITIES

 

The Directors confirm that to the best of their knowledge, these condensed consolidated interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

 

·          An indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

 

·          Material related party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

 

The Directors of Aggreko plc are listed in the Aggreko plc 2018 Annual Report and Accounts.

 

By order of the Board

 

 

Chris Weston

Heath Drewett

Chief Executive Officer

Chief Financial Officer

 

 

30 July 2019

 

 

 

 

INDEPENDENT REVIEW REPORT TO AGGREKO PLC

 

Conclusion

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2019 which comprises the condensed consolidated statements of profit or loss and other comprehensive income, condensed balance sheet, changes in equity and cash flows for the six-month period then ended, and the related explanatory notes. 

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2019 is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA").   

Scope of review 

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK.  A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.  We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. 

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit opinion.   

Directors' responsibilities 

The half-yearly financial report is the responsibility of, and has been approved by, the directors.  The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA. 

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the EU.  The directors are responsible for preparing the condensed set of financial statements included in the half-yearly financial report in accordance with IAS 34 as adopted by the EU

Our responsibility 

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. 

The purpose of our review work and to whom we owe our responsibilities

This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the requirements of the DTR of the UK FCA.  Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached. 

 

 

John Luke

for and on behalf of KPMG LLP 

Chartered Accountants 

319 St Vincent Street

Glasgow G2 5AS

30 July 2019


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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